A swing high formed on Thursday, day 9 of the daily dollar cycle.
The current daily cycle followed a right translated daily cycle.
The expectation was for the current daily cycle to print a higher high which has been accomplished.
Left translated daily cycles as a rule tend to peak on or before day 8.
A left translated daily cycle would signal that the intermediate cycle is in decline.
And below is a longer range view of the dollar annotated with the dates of QE.
Thursday was day 22 for the daily equity cycle and saw stocks break out of consolidation to close at all time highs. At 22 days, equities have virtually locked in a right translated daily cycle.
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